The Institute of Freshwater Fisheries (Veišimįlastofnun) was established in 1946. First it was part of the Directorate of Freshwater Fisheries, but in 1997 the Institute was segregated from the Directorate. The institute is now run as an independent organisation doing research and management in freshwater fisheries.
The principal tasks of the Institute are:
To conduct research on the biota of freshwater both in rivers and lakes.
To conduct research on freshwater fish stocks (Atlantic salmon, brown trout, arctic char, eel, three-spined stickleback).
To supervise and advise river and lake fisheries associations concerning fisheries management and enhancement of fisheries.
To be consultative concerning projects or structures affecting rivers and lakes.
To manage and build data bank on rivers and lakes, their biota and fisheries.
The role of the Institute is further defined in law, in the salmon and trout fisheries act Nr. 76/1970.